A reporter exclusively learned from China Reform Holdings Corporation Ltd. (hereinafter referred to as "China Reform") that China Reform announced the issuance of 23 billion yuan in special bonds to support investment in major projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins." The "implementation of major national strategies and the development of security capabilities in key areas" refers to the implementation of major national strategies and the development of security capabilities in key areas. The "program of large-scale equipment upgrades and consumer goods trade-ins" refers to large-scale equipment upgrades and consumer goods trade-ins. Since 2024, China has vigorously implemented the policies related to the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins" to stimulate domestic demand potential and provide support for promoting economic rebound and improvement. The Central Economic Work Conference at the end of 2024 clearly stated the need to "intensify and expand the scope of the implementation of the 'program of large-scale equipment upgrades and consumer goods trade-ins' policy" and "provide greater support for 'implementation of major national strategies and the development of security capabilities in key areas' projects." According to a reporter from Caixin, since 2024, to drive central state-owned enterprises to make every effort to stabilize growth, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) decided to support China Reform in issuing 300 billion yuan in special bonds for stabilizing growth and expanding investment in batches to inject capital into relevant central state-owned enterprises. The first batch of 30 billion yuan in special bonds was implemented in 2024, and this is the second batch of special bonds being issued. It is understood that the special bonds for stabilizing growth and expanding investment are mainly used to support investment in projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," including investment in major equipment upgrades and technological transformations, major scientific and technological innovation projects, and major strategic emerging industries. In recent years, the proportion of direct financing in China's social financing structure has been relatively low, with social financing overly relying on bank credit, which is prone to accumulating systemic risks. As an effective way of allocating financial resources in the past, indirect financing has shown certain limitations in serving the development of the real economy under the power transformation in the stage of high-quality development. As a national-level capital operation platform, China Reform, as learned by a reporter from Caixin, has currently established 10 actively managed funds, including the China State-owned Capital Venture Capital Fund, the Central State-owned Enterprise Operation Fund, the Science and Technology Innovation Fund, the Double Hundred Fund, the State-owned Enterprise Reform Science and Technology Fund, the Comprehensive Reform Pilot Fund Group, and the China Reform High-level Talent Fund. By contributing 29.3 billion yuan in paid-in capital to these funds, it has driven the raising of over 87 billion yuan in funds and led the investment in over 100 projects, driving over 90 billion yuan in social capital. Recently, under the direct guidance of SASAC, a special fund for the development of strategic emerging industries of central state-owned enterprises and the China Reform Venture Capital Fund have been established, with a total scale of 60 billion yuan, to provide greater support for central state-owned enterprises to accelerate the development of strategic emerging industries and future industries. A representative from China Reform told a reporter from Caixin that China Reform continues to provide long-term and stable financial support to science and technology innovation enterprises. As of the end of April 2025, it has invested a cumulative total of over 346 billion yuan in strategic emerging industries, deploying a number of leading enterprises in fields such as semiconductors, memory chips, new energy batteries, and biotechnology. "We have increased investment in the 'bottleneck' areas of key core technologies in strategic emerging industries, with cumulative investment in original technology source projects exceeding 67 billion yuan, achieving full coverage of investment in the first batch of 29 central state-owned enterprises that are original technology sources. The amount invested in projects of central state-owned enterprises with long industry chains is nearly 40 billion yuan," said China Reform Holdings Corporation. A reporter from Cailian Press also learned that China Reform Holdings Corporation has supported major reforms of state-owned enterprises through direct investment services, implementing the deployment requirements of the SASAC. It has invested over 260 billion yuan in a market-oriented and professional manner to support the establishment of new central state-owned enterprises, the diversification of equity in central state-owned enterprises, strategic restructuring, specialized integration, and the prevention and resolution of risks in relevant enterprises. For example, it has participated in the establishment of new central state-owned enterprises such as PipeChina, China Green Development Group, and China Electrical Equipment Group, supported the restructuring of Ansteel Group and Bensteel Group, participated in the equity diversification reform of China Eastern Airlines Group, and supported the return of core assets of central state-owned enterprises such as China Telecom, China Mobile, and CNOOC to A-share IPOs. It has become an important shareholder of central state-owned enterprises and their affiliated enterprises, appointed directors to the enterprises it holds shares in, and played a "key minority" role in decision-making on major issues. Since 2023, amid a relatively sluggish capital market and weak investor expectations, China Reform Holdings Corporation has strengthened counter-cyclical investment and provided support by actively increasing its holdings or announcing share purchases, firmly safeguarding the value of publicly listed firms of central state-owned enterprises and playing the role of a "stabilizer" for the value of central state-owned enterprises. It has made concentrated investments in publicly listed firms of central state-owned enterprises in the technology sector on the secondary market on a "large-scale, high-proportion, and long-term" basis, investing in a cumulative total of 341 publicly listed firms of central state-owned enterprises involving 77 central state-owned enterprise groups. Actively becoming an active shareholder of 10 publicly listed firms controlled by central state-owned enterprises through market-oriented means and appointing directors, it has played a key role as an active shareholder in governance optimization, mechanism innovation, strategic synergy, and other aspects through targeted strategies. It has collaborated with central state-owned enterprises to carry out mergers and acquisitions in strategic emerging industries on the secondary market, vigorously promoting the strengthening and extension of the industry chains of central state-owned enterprises and enhancing their control and competitiveness. On April 7, the A-share market experienced a significant decline. A reporter from Cailian Press learned that, as an important strategic force in maintaining the stability of the capital market, China Reform Holdings Corporation immediately took action, firmly optimistic about the development prospects of China's capital market, and announced that it would increase its holdings of stocks of central state-owned enterprises, technology innovation stocks, and ETFs through special relending for stock repurchases and shareholding increases, with an initial amount of 80 billion yuan, demonstrating the responsibility and commitment of the operating company.

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